GROW MEMBERSHIP VIDEO LIBRARY
100 SERIES: Understanding What is at Stake
100 SERIES: YOUR FARM SUCCESSION – UNDERSTANDING WHAT IS AT STAKE
100 – Why do you need a Farm Succession Strategy?
101 - Navigating The Perfect Storm
TOPICS COVERED IN VIDEO FOR GROW MEMBERS:
- A look at demographics
- Volatile grain markets vs land values
- Effects of default estate distributions
- Land base required to support family today
102 - Key Questions to Ask For Your Farm Transition
TOPICS COVERED IN VIDEO FOR GROW MEMBERS:
- Do your advisers try to start the discussion by looking at the available estate and farm succession tools?
- Or do they lead with questions to discover your true priorities, which ultimately guides everyone to the strategies and tools that best accomplish your goals?
- Learn the key questions to get you off to the right start.
103 - Estate Management: Ownership/Control/Distribution
TOPICS COVERED IN VIDEO FOR GROW MEMBERS:
- Four things your legal documents must do to properly manage your estate.
- Three steps for coordinating rental options within your estate management system.
- Including farm succession strategies at every level of your estate plan.
- Life insurance beneficiary strategies to maximize distribution options.
- How to avoid major problems when farm assets are inherited by minors.
110 – Farm Succession – The Farm Heir’s Challenge
111 - Does Your Plan Cash Flow?
TOPICS COVERED IN VIDEO FOR GROW MEMBERS:
- Most people understand that
farm land does not produce the cash flow needed to support its purchase price. - Have you actually done the math on your farm succession? You will see how in this video.
- Learn the financial challenges facing the farming heirs in the next generation.
112 - Equity Limitations (VIDEO COMING SOON!)
TOPICS COVERED IN VIDEO FOR GROW MEMBERS:
- Most estate distributions divide farms equally between the heirs without regards to how the net equity affects the operational viability.
- Equal equity is not equal opportunity.
- Learn how to stress test your farm distribution to determine if the farm heir will even qualify for financing.
- See how entity distributions can push the farm heir out of management control
113 - Control Issues (VIDEO COMING SOON!)
TOPICS COVERED IN VIDEO FOR GROW MEMBERS:
- As a farmer, do you like to be your own boss?
- Without a plan, will the farm heir get to experience it the same way the parents do?
- Learn how to establish management control for rent methods, buyout terms, making capital improvements, etc.
114 - Limited Growth Potential
TOPICS COVERED IN VIDEO FOR GROW MEMBERS:
- Challenge with leveraging farm assets after an estate distribution.
- Challenge with shared management decisions.
-
Mental /physical capital cost of maintaining the existing family farm vs. expanding the farm.
120 – Farm Succession – The Off-Farm Heir’s Challenge
121 - Return On Inheritance (ROI)
TOPICS COVERED IN VIDEO FOR GROW MEMBERS:
- What kind of a Return On Investment would your require to keep your capital invested?
- What is the Return On Inheritance the off-farm heir will receive from the farm? Will it be enough?
- See a sample calculation of why off-farm heirs are almost forced to sell their farm equity to realize any tangible value on their inheritance.
122 - Equity Limitations (VIDEO COMING SOON!)
TOPICS COVERED IN UPCOMING VIDEO FOR GROW MEMBERS:
- Inherited balance sheet value vs. available liquidity.
- Comparison of the “usability” of farm assets for the farm heir vs. the off-farm heir.
- How equity limitations may force a sale and how to get around it.
- How to effectively transfer farm equity to the off-farm heir to allow them more flexibility
123 - Control Issues (VIDEO COMING SOON!)
TOPICS COVERED IN UPCP,OMG VIDEO FOR GROW MEMBERS:
- Managing expectations.
- Perception vs. reality.
- Should the off-farm heirs inheritance return be determined by the farming heirs performance?
- How the lack of control, or over control, can lead to a farm sale.
- The need for checks and balances.
SERIES 100 VIDEOS
What do you think of when your hear “farm succession planning”? Do you think of estate taxes and probate? Do you think of wills and trusts? Or maybe you think of attorneys and insurance agents. How about the family dynamics? There is a lot to think about! In this series we discuss the common issues facing every farm family that wants their operation to continue to thrive in the next generation. For your plan to work properly, you first need to know what is at stake.
More videos will be added regularly!
In this Series you will:
- Understand the major trends affecting farm succession.
- Know the initial questions to ask as you think through your own distribution strategies.
- Discover challenges that conventional wills or trusts often fail to address.
- See the issues that can break up family farms, regardless of estate taxes and probate.
- Work through an example of cash flow, equity position, and control limitations for the farming heirs.
- Work through an example of cash flow, equity position, and control limitations for the off-farm heirs.
Learn the strategies that grow farms and keep peace between generations.
Join the GPS GROW Membership Today!
